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The Greek government was borrowing more money than it could afford to pay back. The 2008 financial crisis contributed to this since their tax base contracted due to the shrinking economy. They were lying about their true national debt saying it was less than it was in order to get more investors to continue to buy bonds from them. They used money from new loans to pay down the old ones. Eventually, they were found out and their bonds were downgraded to non-investment status and they were no longer able to pull off their "ponzi scheme". They then called upon other nations in the European Union to bail them out. The European Financial Stability Facility (EFSF) was set up to deal with the growing debt crisis in Europe with Greece being at the center of it. Spain, Ireland, Portugal and Italy are also facing their own serious debt crisises. As part of bailout loans Greece was forced to impletment austerity measures (cut government spending) which further contracted their economy. They have recieved two major bailouts already and have been pledged a third by October 26, 2011which will put them further in debt.
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Who invaded Constantinople causing Greek scholars to flee?
The invasion of Constantinople was carried out by the Ottoman Empire, culminating in the city's fall in 1453. This event prompted many Greek scholars to flee to the West, particularly to Italy, bringing with them important manuscripts and knowledge from the classical Greek and Roman eras. Their migration significantly contributed to the Renaissance by reintroducing classical ideas and texts to Western Europe.
What event happen first in the Trojan war?
The first event in the Trojan War was the abduction of Helen, the queen of Sparta, by Paris, a prince of Troy. This act prompted her husband, King Menelaus, to call upon the other Greek leaders to help retrieve her, leading to the assembly of a vast Greek fleet. This alliance was a key factor that initiated the conflict between the Greeks and the Trojans.
How did Europeans become aware of greek thinking?
Europeans became aware of Greek thinking primarily through the translation and preservation of ancient Greek texts by scholars in the Byzantine Empire and the Islamic world during the Middle Ages. The Renaissance, beginning in the 14th century, further facilitated this rediscovery as scholars sought out and translated Greek works, leading to a revival of classical knowledge. Additionally, the fall of Constantinople in 1453 prompted many Greek intellectuals to flee to Western Europe, bringing with them classical texts and ideas that greatly influenced European thought. This resurgence of interest in Greek philosophy, science, and literature laid the groundwork for the Enlightenment and modern Western thought.
What effects did the Trojan war have?
The Trojan War had significant effects on both Greek and Trojan societies, leading to the eventual fall of Troy and the rise of Greek city-states. It left a legacy of heroism and tragedy in Greek culture, immortalized in works like Homer's "Iliad" and "Odyssey," shaping literature and art for centuries. The war also prompted the spread of Greek influence through colonization and cultural exchange, as returning heroes established new settlements. Additionally, it highlighted themes of honor, fate, and the consequences of conflict, which resonated throughout subsequent histories and philosophies.
What prompted the development of record keeping systems?
Economic Transactions
Why did the financial crisis occur in 2008?
why financial crisis occur why financial crisis occur
What is the financial bailout package crisis?
There is no such crisis as the financial bailout package crisis. the bailout was created to overcome the financial crisis.
What are the exact dates of the 2008 financial crisis?
There is no exact date for the 2008 financial crisis. A financial crisis is a series of mishaps that happen together to cause a crisis.
Where did the global financial crisis start?
The origin of the Financial crisis was in the United States.
When was Kingfisher Airlines financial crisis created?
Kingfisher Airlines financial crisis was created in 2004.
What were the effects of the bank crisis on international politics?
The bank crisis, particularly the 2008 financial crisis, significantly reshaped international politics by increasing skepticism towards globalization and free-market policies. It led to a rise in protectionism and populism, as countries prioritized national interests over international cooperation. Additionally, it prompted reforms in financial regulation and the establishment of new international financial institutions to enhance oversight, altering the dynamics of global governance. The crisis also intensified geopolitical tensions, as economic instability affected diplomatic relations and power balances among nations.
What southern European country is experiencing a financial crisis 2012?
Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.Greece is the country in southern Europe that is having the biggest financial crisis in 2012. To a lesser extent Italy, Spain and Portugal also are having a financial crisis, but not as bad as Greece.
What is the difference between a financial crisis and an economic crisis and which of both affects the other most?
A financial crisis is when wall street and the banks are failing. An economic crisis is when there is high unemployment or a recession.
What major event was happening when Obama was president?
This is probably the US financial and mortgage crisis.
How do you stop financial crisis?
There are a few ways to stop yourself from having a financial crisis. Watching your spending, budgeting your money correctly, and having money in a savings account, can help prevent a financial crisis.
What factors contribute to a financial crisis?
Depending on what kind of financial crisis is being described for example; large scale financial crisis such as businesses and communities or small scale such as personal financial troubles. On a personal level not having enough money to live of for necessities is a crisis. For large scale like a community if the economy is bad then that is a big problem as well.
How you use the word crisis in a sentence?
Our country may be in financial crisis in future
